News
Anglo American announces record Group operating profit of $11.1 billion
Group operating profit was a record $11.1 billion while underlying earnings were $6.1 billion. EBITDA was a record $13.3 billion. Underlying earnings per share were $5.06, a 23% increase. Net debt was reduced to $1.4 billion at 31 December 2011. The final dividend was increased by 15% to $0.46 per share, bringing total dividends for the year to $0.74 per share, a 14% increase.
Commenting on the financial results, Chief Executive Cynthia Carroll said: "Anglo American delivered an impressive financial and operational performance in 2011, as we continued to capture the benefits of operational improvements and disciplined cost management to capitalise on the attractive commodity demand and pricing environment that prevailed for much of the year.
Our successful delivery of three major mining projects on or ahead of schedule during the year is a great achievement, and will contribute significant new volumes of iron ore, copper and nickel as the new operations continue to ramp up during 2012.
Our decision to sustain capital investment in the development of these and other growth projects through the cycle, with highly competitive operating costs and capital intensity ratios, sets us apart as a near term volume growth leader."
Our decision to sustain capital investment in the development of these and other growth projects through the cycle, with highly competitive operating costs and capital intensity ratios, sets us apart as a near term volume growth leader."
Highlights of our announcement include:
Delivery of value through operational efficiency and strategic opportunities
§ Kumba Iron Ore record export sales volumes of 37.1 Mt
§ Met Coal – record open cut metallurgical coal production; 7% increase despite Q1 2011 rainfall
§ $5.1 billion acquisition of up to 40% interest in De Beers – unique opportunity to consolidate control of the world's leading diamond company
§ $5.4 billion sale of a minority 24.5% interest in Anglo American Sur copper assets – highlights value and quality of asset base
§ Acquisition of 25.17% minorities in Peace River Coal – 100% ownership of high quality one billion tonne metallurgical coal resource
Nine growth projects commissioned on or ahead of schedule
§ Newly commissioned and approved projects to deliver 35% volume growth by 2014
§ Barro Alto 36 ktpa nickel project – first production in March 2011
§ Los Bronces 200 ktpa copper expansion – first production in October 2011
§ Kolomela 9 Mtpa iron ore project – first shipment in December 2011
§ Collahuasi Phase I expansion (copper), Zibulo (thermal coal), Unki and Mogalakwena North (platinum) projects all completed in 2011
Maintaining momentum into the next phase of growth
§ Minas-Rio 26.5 Mtpa iron ore project is progressing well; implementing measures to mitigate various site challenges in a high inflationary Brazilian mining environment, to target H2 2013 first ore on ship
§ Six growth projects approved in 2011, including Grosvenor 5 Mtpa metallurgical coal project in Australia approved in December 2011
§ Quellaveco 225 ktpa copper project in Peru progressing towards approval
§ Exploration discoveries replenishing world class resource base across copper, nickel, PGMs – Sakatti discovery in Finland a significant grassroots exploration success
§ Expect to approve $16 billion of projects over next three years
Safety performance
§ Tragically, 17 employees lost their lives
§ Despite downward trend since 2007, disappointing performance in 2011 at Platinum; particularly with 12 fatal accidents Lost time injury frequency rates, excluding Platinum, reduced by 16%